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Barclays cuts 400 investment banking jobs

Barclays is to cut up to 400 jobs from its investment banking arm as part of a restructuring programme. 

The job losses will come from among senior managers based mainly in London and New York.

The news follows an announcement last year that Barclays planned to cut a total of 3,700 posts. Some 1,700 jobs were cut in 2013.

When Barclays chief executive Antony Jenkins delivers the bank’s annual results later this month, he will present a five-year financial plan for the bank.

The plan includes targets such as achieving a return on equity above the bank’s cost of capital before 2016. It will also focus on improving trust in the bank and promoting more women to senior roles.

Separately, Barclays has denied reports that it plans to shut about a quarter of its 1,600 branches in the UK.

In a statement, the bank says: “We have consistently been clear that, over time, there will be fewer traditional branches as we move to provide banking services to customers where and when they find it most convenient.  However, the branch network will remain an important part of our banking service.

“While it is inevitable there will be speculation about how these changes will impact on the branch network, this will be driven by the needs of our customers and, therefore, there is not a target for a number of branches to be closed, nor a timeframe for such action.”

Perception Finance managing director David Sheppard says: “There will be more -stories like this, not just from Barclays, but from other lenders as well. Scrutiny of banks is at a real high, meaning they need to look closely at their processes and make sure they have their houses in order.”

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